- Sales of $2.74
billion
- Net income of $16
million
- Adjusted EBITDA of $244
million, an increase of $1
million over last year
- Adjusted EBITDA margin of 8.9 percent, a 10-basis-point
improvement compared with 2023
- Free cash flow of $104
million
- Full-year free cash flow guidance increased to $100 million
MAUMEE,
Ohio, July 31, 2024 /PRNewswire/ -- Dana
Incorporated (NYSE: DAN) today announced financial results for the
second quarter of 2024.
"In the second quarter, Dana's strong end-to-end execution
delivered steady profit and improved margin despite continued
future program development costs," said James Kamsickas, Chairman and Chief Executive
Officer.
"The Dana team continues to successfully achieve efficiencies
while optimizing asset management by leveraging advanced core
processes and systems across the company. As we look forward, our
more flexible cost structure can better adjust to demand volatility
as we support internal combustion, hybrid, and electric-vehicle
propulsion technologies across all mobility markets."
Sales for the second quarter of 2024 totaled $2.74 billion, compared with $2.75 billion in the same period of
2023.
Adjusted EBITDA for the second quarter of 2024 was $244 million or 8.9 percent of sales, compared
with $243 million or 8.8 percent of
sales for the same period in 2023. Company-wide efficiency
improvements continue to offset the margin impact of inflation and
spending on development for electric-vehicle products.
Net income attributable to Dana was $16
million, or $0.11 per
share, compared with $30 million, or
$0.21 per share, in the second
quarter of 2023.
Adjusted net income attributable to Dana was $45 million, and diluted adjusted earnings per
share were $0.31 for the second
quarter of 2024, compared with adjusted net income of $54 million and $0.37 per share in 2023
Operating cash flow in the second quarter of 2024 was
$215 million, compared with $256
million in the same period of 2023. Free cash flow was
$104 million, $30 million lower than the second quarter of 2023
due to the timing of working capital requirements.
"While our outlook for sales is lower due to weakening demand
for electric vehicles and in some of our traditional markets, Dana
is maintaining guidance for Adjusted EBITDA, while raising profit
margin and again increasing the free-cash-flow range," said
Timothy Kraus, Senior Vice President
and Chief Financial Officer. "As we look to the second half of the
year, we anticipate company-wide cost management and production
efficiencies will continue to offset the impact of softer
end-market demand, and lower capital requirements will drive higher
free cash flow."
Revised 2024 Financial Targets
- Sales of $10.45 to $10.95 billion;
- Adjusted EBITDA of $875 to
$975 million, an implied adjusted
EBITDA margin of approximately 8.6 percent at the midpoint of the
range;
- Operating cash flow of approximately $500 to $550
million; and
- Free cash flow of $75 to
$125 million;
- Diluted EPS of $0.35 to
$0.85;
- Diluted Adjusted EPS of $0.80 to
$1.30.
Dana to Host Conference Call at 9
a.m., Wednesday, July
31
Dana will discuss its second-quarter results in a conference call
at 9 a.m. EDT on Wednesday, July
31. The conference call can be accessed by telephone from
both domestic and international locations using the information
provided below:
Conference ID: 9943139
Participant Toll-Free Dial-In Number: 1 (888) 440-5873
Participant Toll Dial-In Number: 1 (646) 960-0319
Audio streaming and slides will be available online via a link
provided on the Dana investor website:
www.dana.com/investors. Phone registration will be available
beginning at 8:30 a.m. EDT.
A webcast replay can be accessed via Dana's investor website
following the call.
Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP financial measure which we have
defined as net income (loss) before interest, income taxes,
depreciation, amortization, equity grant expense, restructuring
expense, non-service cost components of pension and other
postretirement benefit costs and other adjustments not related to
our core operations (gain/loss on debt extinguishment, pension
settlements, divestitures, impairment, etc.). Adjusted EBITDA is a
measure of our ability to maintain and continue to invest in our
operations and provide shareholder returns. We use adjusted EBITDA
in assessing the effectiveness of our business strategies,
evaluating and pricing potential acquisitions and as a factor in
making incentive compensation decisions. In addition to its use by
management, we also believe adjusted EBITDA is a measure widely
used by securities analysts, investors and others to evaluate
financial performance of our company relative to other Tier 1
automotive suppliers. Adjusted EBITDA should not be considered a
substitute for earnings (loss) before income taxes, net income
(loss) or other results reported in accordance with GAAP. Adjusted
EBITDA may not be comparable to similarly titled measures reported
by other companies.
Adjusted net income (loss) attributable to the parent company is
a non-GAAP financial measure which we have defined as net income
(loss) attributable to the parent company, excluding any discrete
income tax items, restructuring charges, amortization expense and
other adjustments not related to our core operations (as used in
adjusted EBITDA), net of any associated income tax effects. This
measure is considered useful for purposes of providing investors,
analysts and other interested parties with an indicator of ongoing
financial performance that provides enhanced comparability to net
income (loss) attributable to the parent company reported by other
companies. Adjusted net income (loss) attributable to the parent
company is neither intended to represent nor be an alternative
measure to net income (loss) attributable to the parent company
reported in accordance with GAAP.
Diluted adjusted EPS is a non-GAAP financial measure which we
have defined as adjusted net income (loss) attributable to the
parent company divided by adjusted diluted shares. We define
adjusted diluted shares as diluted shares as determined in
accordance with GAAP based on adjusted net income (loss)
attributable to the parent company. This measure is
considered useful for purposes of providing investors, analysts and
other interested parties with an indicator of ongoing financial
performance that provides enhanced comparability to EPS reported by
other companies. Diluted adjusted EPS is neither intended to
represent nor be an alternative measure to diluted EPS reported in
accordance with GAAP.
Free cash flow is a non-GAAP financial measure which we have
defined as net cash provided by (used in) operating activities less
purchases of property, plant and equipment. We believe free
cash flow is useful to investors in evaluating the operational cash
flow of the company inclusive of the spending required to maintain
the operations. Free cash flow is not intended to represent
nor be an alternative to the measure of net cash provided by (used
in) operating activities reported in accordance with GAAP.
Free cash flow may not be comparable to similarly titled measures
reported by other companies.
The accompanying financial information provides reconciliations
of adjusted EBITDA, diluted adjusted EPS and free cash flow to the
most directly comparable financial measures calculated and
presented in accordance with GAAP. We have not provided a
reconciliation of our adjusted EBITDA and diluted adjusted EPS
outlook to the most comparable GAAP measures of net income (loss)
and diluted EPS. Providing net income (loss) and diluted EPS
guidance is potentially misleading and not practical given the
difficulty of projecting event driven transactional and other
non-core operating items that are included in net income (loss) and
diluted EPS, including restructuring actions, asset impairments and
certain income tax adjustments. The accompanying reconciliations of
these non-GAAP measures with the most comparable GAAP measures for
the historical periods presented are indicative of the
reconciliations that will be prepared upon completion of the
periods covered by the non-GAAP guidance.
Forward-Looking Statements
Certain statements and projections contained in this news
release are, by their nature, forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on our current expectations,
estimates, and projections about our industry and business,
management's beliefs, and certain assumptions made by us, all of
which are subject to change. Forward-looking statements can
often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," and similar expressions, and variations or negatives of
these words. These forward-looking statements are not
guarantees of future results and are subject to risks,
uncertainties, and assumptions that could cause our actual results
to differ materially and adversely from those expressed in any
forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports
on Form 10-Q, recent Current Reports on Form 8-K, and other
Securities and Exchange Commission filings discuss important risk
factors that could affect our business, results of operations and
financial condition. The forward-looking statements in this
news release speak only as of this date. Dana does not undertake
any obligation to revise or update publicly any forward-looking
statement for any reason.
About Dana Incorporated
Dana is a leader in the design and manufacture of highly
efficient propulsion and energy-management solutions that power
vehicles and machines in all mobility markets across the globe. The
company is shaping sustainable progress through its conventional
and clean-energy solutions that support nearly every vehicle
manufacturer with drive and motion systems; electrodynamic
technologies, including software and controls; and thermal,
sealing, and digital solutions.
Based in Maumee, Ohio, USA, the
company reported sales of $10.6
billion in 2023 with 42,000 people in 31 countries across
six continents. With a history dating to 1904, Dana was named among
the "World's Most Ethical Companies" for 2023 and 2024 by
Ethisphere and as one of "America's Most Responsible Companies
2023" by Newsweek. The company is driven by a
high-performance culture that focuses on valuing others, inspiring
innovation, growing responsibly, and winning together, earning it
global recognition as a top employer. Learn more at
dana.com.
|
DANA
INCORPORATED
|
|
|
|
|
|
|
Consolidated
Statement of Operations (Unaudited)
|
|
|
|
|
|
|
For the Three
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
(In millions,
except per share amounts)
|
|
June 30,
|
|
|
|
2024
|
|
2023
|
|
Net
sales
|
|
|
$ 2,738
|
|
$ 2,748
|
|
Costs and
expenses
|
|
|
|
|
|
Cost of
sales
|
|
2,483
|
|
2,477
|
|
Selling, general and
administrative expenses
|
|
132
|
|
144
|
|
Amortization of
intangibles
|
|
4
|
|
4
|
|
Restructuring charges,
net
|
|
12
|
|
3
|
|
Loss on disposal
group held for sale
|
|
(1)
|
|
|
|
Other income
(expense), net
|
|
(2)
|
|
4
|
|
Earnings before
interest and income taxes
|
|
104
|
|
124
|
|
Loss on
extinguishment of debt
|
|
-
|
|
(1)
|
|
Interest
income
|
|
2
|
|
5
|
|
Interest
expense
|
|
39
|
|
39
|
|
Earnings before
income taxes
|
|
67
|
|
89
|
|
Income tax
expense
|
|
54
|
|
55
|
|
Equity in
earnings of affiliates
|
|
3
|
|
2
|
|
Net
income
|
|
16
|
|
36
|
|
Less: Noncontrolling
interests net income
|
|
5
|
|
5
|
|
Less: Redeemable
noncontrolling interests net income (loss)
|
|
(5)
|
|
1
|
|
Net income
attributable to the parent company
|
|
$
16
|
|
$
30
|
|
|
|
|
|
|
|
Net income per
share available to common stockholders
|
|
|
|
|
|
Basic
|
|
|
$
0.11
|
|
$
0.21
|
|
Diluted
|
|
|
$
0.11
|
|
$
0.21
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding - Basic
|
|
145.0
|
|
144.3
|
|
Weighted-average
shares outstanding - Diluted
|
|
145.1
|
|
144.4
|
|
DANA
INCORPORATED
|
|
|
|
|
|
|
Consolidated
Statement of Operations (Unaudited)
|
|
|
|
|
|
|
For the Six
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(In millions,
except per share amounts)
|
|
June 30,
|
|
|
|
2024
|
|
2023
|
|
Net
sales
|
|
|
$ 5,473
|
|
$ 5,392
|
|
Costs and
expenses
|
|
|
|
|
|
Cost of
sales
|
|
4,974
|
|
4,892
|
|
Selling, general and
administrative expenses
|
|
271
|
|
284
|
|
Amortization of
intangibles
|
|
7
|
|
7
|
|
Restructuring charges,
net
|
|
17
|
|
4
|
|
Loss on disposal
group held for sale
|
|
(30)
|
|
|
|
Other income
(expense), net
|
|
|
|
9
|
|
Earnings before
interest and income taxes
|
|
174
|
|
214
|
|
Loss on
extinguishment of debt
|
|
|
|
(1)
|
|
Interest
income
|
|
6
|
|
9
|
|
Interest
expense
|
|
78
|
|
73
|
|
Earnings before
income taxes
|
|
102
|
|
149
|
|
Income tax
expense
|
|
91
|
|
85
|
|
Equity in
earnings of affiliates
|
|
5
|
|
3
|
|
Net
income
|
|
16
|
|
67
|
|
Less: Noncontrolling
interests net income
|
|
10
|
|
9
|
|
Less: Redeemable
noncontrolling interests net loss
|
|
(13)
|
|
|
|
Net income
attributable to the parent company
|
|
$
19
|
|
$
58
|
|
|
|
|
|
|
|
Net income per
share available to common stockholders
|
|
|
|
|
|
Basic
|
|
|
$
0.13
|
|
$
0.40
|
|
Diluted
|
|
|
$
0.13
|
|
$
0.40
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding - Basic
|
|
144.9
|
|
144.1
|
|
Weighted-average
shares outstanding - Diluted
|
|
144.9
|
|
144.3
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Consolidated
Statement of Comprehensive Income (Unaudited)
|
|
|
|
|
|
For the Three
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Net
income
|
|
$
16
|
|
$
36
|
|
Other
comprehensive income (loss), net of tax:
|
|
|
|
|
|
Currency translation
adjustments
|
|
(46)
|
|
(7)
|
|
Hedging gains and
losses
|
|
(26)
|
|
3
|
|
Defined benefit
plans
|
|
4
|
|
|
|
Other comprehensive
loss
|
|
(68)
|
|
(4)
|
|
Total comprehensive
income (loss)
|
|
(52)
|
|
32
|
|
Less: Comprehensive
income attributable to noncontrolling interests
|
|
(5)
|
|
(5)
|
|
Less: Comprehensive
loss attributable to redeemable noncontrolling interests
|
|
6
|
|
-
|
|
Comprehensive income
(loss) attributable to the parent company
|
|
$
(51)
|
|
$
27
|
|
DANA
INCORPORATED
|
|
Consolidated
Statement of Comprehensive Income (Unaudited)
|
|
For the Six
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
|
|
|
2024
|
|
2023
|
|
Net
income
|
|
$
16
|
|
$
67
|
|
Other
comprehensive income (loss), net of tax:
|
|
|
|
|
|
Currency translation
adjustments
|
|
(66)
|
|
18
|
|
Hedging gains and
losses
|
|
(28)
|
|
18
|
|
Defined benefit
plans
|
|
5
|
|
1
|
|
Other comprehensive
income (loss)
|
|
(89)
|
|
37
|
|
Total comprehensive
income (loss)
|
|
(73)
|
|
104
|
|
Less: Comprehensive
income attributable to noncontrolling interests
|
|
(9)
|
|
(9)
|
|
Less: Comprehensive
loss attributable to redeemable noncontrolling interests
|
|
17
|
|
|
|
Comprehensive income
(loss) attributable to the parent company
|
|
$
(65)
|
|
$
95
|
|
DANA
INCORPORATED
|
|
Consolidated
Balance Sheet (Unaudited)
|
|
As of June 30,
2024 and December 31, 2023
|
|
|
|
|
|
|
|
|
(In millions,
except share and per share amounts)
|
June 30,
|
|
December 31,
|
|
|
|
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
419
|
|
$
529
|
|
Accounts
receivable
|
|
|
|
|
|
Trade, less
allowance for doubtful accounts of $12 in 2024 and $16 in
2023
|
1,501
|
|
1,371
|
|
Other
|
|
240
|
|
280
|
|
Inventories
|
|
1,602
|
|
1,676
|
|
Other current
assets
|
|
253
|
|
247
|
|
Current assets of
disposal group held for sale
|
|
61
|
|
|
|
|
Total current
assets
|
|
4,076
|
|
4,103
|
|
Goodwill
|
|
256
|
|
263
|
|
Intangibles
|
|
163
|
|
182
|
|
Deferred tax
assets
|
|
499
|
|
516
|
|
Other noncurrent
assets
|
|
171
|
|
140
|
|
Investments in
affiliates
|
|
123
|
|
123
|
|
Operating lease
assets
|
|
300
|
|
327
|
|
Property, plant
and equipment, net
|
|
2,220
|
|
2,311
|
|
|
Total
assets
|
|
$
7,808
|
|
$
7,965
|
|
|
|
|
|
|
|
|
Liabilities,
redeemable noncontrolling interests and equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term
debt
|
|
$
19
|
|
$
22
|
|
Current portion
of long-term debt
|
|
211
|
|
35
|
|
Accounts
payable
|
|
1,767
|
|
1,756
|
|
Accrued payroll
and employee benefits
|
|
247
|
|
288
|
|
Taxes on
income
|
|
84
|
|
86
|
|
Current portion
of operating lease liabilities
|
|
42
|
|
42
|
|
Other accrued
liabilities
|
|
367
|
|
373
|
|
Current
liabilities of disposal group held for sale
|
|
21
|
|
|
|
|
Total current
liabilities
|
|
2,758
|
|
2,602
|
|
Long-term debt,
less debt issuance costs of $22 in 2024 and $24 in
2023
|
|
2,386
|
|
2,598
|
|
Noncurrent
operating lease liabilities
|
|
262
|
|
284
|
|
Pension and
postretirement obligations
|
|
311
|
|
334
|
|
Other noncurrent
liabilities
|
|
338
|
|
319
|
|
Noncurrent
liabilities of disposal group held for sale
|
|
4
|
|
|
|
|
Total
liabilities
|
|
6,059
|
|
6,137
|
|
Commitments and contingencies
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
205
|
|
191
|
|
Parent company
stockholders' equity
|
|
|
|
|
|
Preferred stock,
50,000,000 shares authorized, $0.01 par value,
|
|
|
|
|
|
|
no shares
outstanding
|
|
-
|
|
-
|
|
Common stock,
450,000,000 shares authorized, $0.01 par value,
|
|
|
|
|
|
|
144,975,329 and
144,386,484 shares outstanding
|
|
2
|
|
2
|
|
Additional
paid-in capital
|
|
2,267
|
|
2,255
|
|
Retained
earnings
|
|
293
|
|
317
|
|
Treasury stock,
at cost (829,822 and 474,981 shares)
|
|
(13)
|
|
(9)
|
|
Accumulated other
comprehensive loss
|
|
(1,074)
|
|
(990)
|
|
|
Total parent
company stockholders' equity
|
|
1,475
|
|
1,575
|
|
Noncontrolling
interests
|
|
69
|
|
62
|
|
|
Total
equity
|
|
1,544
|
|
1,637
|
|
|
Total
liabilities, redeemable noncontrolling interests and
equity
|
|
$
7,808
|
|
$
7,965
|
|
DANA
INCORPORATED
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
For the Three
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
|
2024
|
|
2023
|
|
Operating
activities
|
|
|
|
|
|
Net
income
|
|
$
16
|
|
$
36
|
|
Depreciation
|
|
106
|
|
94
|
|
Amortization
|
|
6
|
|
6
|
|
Amortization of
deferred financing charges
|
|
2
|
|
2
|
|
Write-off of
deferred financing costs
|
|
|
|
1
|
|
Earnings of
affiliates, net of dividends received
|
|
(1)
|
|
(2)
|
|
Stock
compensation expense
|
|
8
|
|
8
|
|
Deferred income
taxes
|
|
27
|
|
(22)
|
|
Pension expense,
net
|
|
3
|
|
2
|
|
Change in working
capital
|
|
56
|
|
132
|
|
Loss on disposal
group held for sale
|
|
1
|
|
|
|
Other,
net
|
|
(9)
|
|
(1)
|
|
Net cash
provided by operating activities
|
|
215
|
|
256
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
(111)
|
|
(122)
|
|
Settlements of
undesignated derivatives
|
|
(3)
|
|
(4)
|
|
Other,
net
|
|
|
|
(1)
|
|
Net cash used
in investing activities
|
|
(114)
|
|
(127)
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
Net change in
short-term debt
|
|
(21)
|
|
(286)
|
|
Proceeds from
long-term debt
|
|
|
|
458
|
|
Repayment of
long-term debt
|
|
(3)
|
|
(202)
|
|
Deferred
financing payments
|
|
|
|
(7)
|
|
Dividends paid to
common stockholders
|
|
(14)
|
|
(14)
|
|
Distributions to
noncontrolling interests
|
|
(2)
|
|
(2)
|
|
Contributions
from redeemable noncontrolling interests
|
|
9
|
|
7
|
|
Net cash used
in financing activities
|
|
(31)
|
|
(46)
|
|
|
|
|
|
|
|
Net increase
in cash, cash equivalents and restricted cash
|
|
70
|
|
83
|
|
Cash, cash
equivalents and restricted cash − beginning of
period
|
|
387
|
|
419
|
|
Effect of
exchange rate changes on cash balances
|
|
(17)
|
|
1
|
|
Cash, cash
equivalents and restricted cash − end of
period
|
|
$
440
|
|
$
503
|
|
DANA
INCORPORATED
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
For the Six
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
|
2024
|
|
2023
|
|
Operating
activities
|
|
|
|
|
|
Net
income
|
|
$
16
|
|
$
67
|
|
Depreciation
|
|
207
|
|
186
|
|
Amortization
|
|
11
|
|
11
|
|
Amortization of
deferred financing charges
|
|
3
|
|
3
|
|
Write-off of
deferred financing costs
|
|
|
|
1
|
|
Earnings of
affiliates, net of dividends received
|
|
(3)
|
|
(3)
|
|
Stock
compensation expense
|
|
14
|
|
14
|
|
Deferred income
taxes
|
|
29
|
|
(30)
|
|
Pension expense,
net
|
|
(4)
|
|
2
|
|
Change in working
capital
|
|
(195)
|
|
(172)
|
|
Loss on disposal
group held for sale
|
|
30
|
|
|
|
Other,
net
|
|
5
|
|
7
|
|
Net cash
provided by operating activities
|
|
113
|
|
86
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
|
(181)
|
|
(242)
|
|
Proceeds from
sale of property, plant and equipment
|
|
4
|
|
2
|
|
Settlements of
undesignated derivatives
|
|
(4)
|
|
(4)
|
|
Other,
net
|
|
4
|
|
(1)
|
|
Net cash used
in investing activities
|
|
(177)
|
|
(245)
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
Net change in
short-term debt
|
|
(4)
|
|
(17)
|
|
Proceeds from
long-term debt
|
|
|
|
458
|
|
Repayment of
long-term debt
|
|
(30)
|
|
(204)
|
|
Deferred
financing payments
|
|
|
|
(9)
|
|
Dividends paid to
common stockholders
|
|
(29)
|
|
(29)
|
|
Distributions to
noncontrolling interests
|
|
(5)
|
|
(3)
|
|
Collection of
note receivable from noncontrolling interest
|
|
11
|
|
|
|
Contributions
from redeemable noncontrolling interests
|
|
18
|
|
17
|
|
Other,
net
|
|
9
|
|
(4)
|
|
Net cash
provided by (used in) financing activities
|
|
(30)
|
|
209
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
|
(94)
|
|
50
|
|
Cash, cash
equivalents and restricted cash − beginning of
period
|
|
563
|
|
442
|
|
Effect of
exchange rate changes on cash balances
|
|
(29)
|
|
11
|
|
Cash, cash
equivalents and restricted cash − end of
period
|
|
$
440
|
|
$
503
|
|
DANA
INCORPORATED
|
|
|
|
|
|
|
Reconciliation
of Net Cash Provided By Operating Activities
to
|
|
Free
Cash Flow (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Net cash
provided by operating activities
|
|
$
215
|
|
$ 256
|
|
Purchases of
property, plant and equipment
|
|
(111)
|
|
(122)
|
|
Free cash
flow
|
|
$
104
|
|
$ 134
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Net cash
provided by operating activities
|
|
$
113
|
|
$
86
|
|
Purchases of
property, plant and equipment
|
|
(181)
|
|
(242)
|
|
Free cash
flow
|
|
$
(68)
|
|
$ (156)
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Segment Sales
and Segment EBITDA (Unaudited)
|
|
|
|
For the Three
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Sales
|
|
|
|
|
|
Light
Vehicle
|
|
$
1,132
|
|
$
1,066
|
|
Commercial
Vehicle
|
|
527
|
|
526
|
|
Off-Highway
|
|
746
|
|
842
|
|
Power
Technologies
|
|
333
|
|
314
|
|
Total
Sales
|
|
$
2,738
|
|
$
2,748
|
|
|
|
|
|
|
Segment
EBITDA
|
|
|
|
|
|
Light
Vehicle
|
|
$
84
|
|
$
66
|
|
Commercial
Vehicle
|
|
23
|
|
28
|
|
Off-Highway
|
|
116
|
|
131
|
|
Power
Technologies
|
|
22
|
|
19
|
|
Total Segment
EBITDA
|
|
245
|
|
244
|
|
Corporate expense
and other items, net
|
|
(1)
|
|
(1)
|
|
Adjusted
EBITDA
|
|
$
244
|
|
$
243
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Segment Sales
and Segment EBITDA (Unaudited)
|
|
|
|
For the Six
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Sales
|
|
|
|
|
|
Light
Vehicle
|
|
$
2,230
|
|
$
2,028
|
|
Commercial
Vehicle
|
|
1,051
|
|
1,048
|
|
Off-Highway
|
|
1,527
|
|
1,684
|
|
Power
Technologies
|
|
665
|
|
632
|
|
Total
Sales
|
|
$
5,473
|
|
$
5,392
|
|
|
|
|
|
|
Segment
EBITDA
|
|
|
|
|
|
Light
Vehicle
|
|
$
151
|
|
$
115
|
|
Commercial
Vehicle
|
|
40
|
|
45
|
|
Off-Highway
|
|
231
|
|
249
|
|
Power
Technologies
|
|
49
|
|
42
|
|
Total Segment
EBITDA
|
|
471
|
|
451
|
|
Corporate expense
and other items, net
|
|
(4)
|
|
(4)
|
|
Adjusted
EBITDA
|
|
$
467
|
|
$
447
|
|
|
|
|
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Reconciliation
of Segment and Adjusted EBITDA to Net Income
(Unaudited)
|
|
|
|
For the Three
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Segment
EBITDA
|
|
$
245
|
|
$
244
|
|
Corporate expense and
other items, net
|
|
(1)
|
|
(1)
|
|
Adjusted
EBITDA
|
|
244
|
|
243
|
|
Depreciation
|
|
(106)
|
|
(94)
|
|
Amortization
|
|
(6)
|
|
(6)
|
|
Non-service cost
components of pension and OPEB costs
|
|
(2)
|
|
(3)
|
|
Restructuring charges,
net
|
|
(12)
|
|
(3)
|
|
Stock compensation
expense
|
|
(8)
|
|
(8)
|
|
Strategic transaction
expenses
|
|
(2)
|
|
(1)
|
|
Distressed supplier
costs
|
|
|
|
(4)
|
|
Loss on disposal group
held for sale
|
|
(1)
|
|
|
|
Other items
|
|
(3)
|
|
|
|
Earnings before
interest and income taxes
|
|
104
|
|
124
|
|
Loss on extinguishment
of debt
|
|
|
|
(1)
|
|
Interest
income
|
|
2
|
|
5
|
|
Interest
expense
|
|
39
|
|
39
|
|
Earnings before
income taxes
|
|
67
|
|
89
|
|
Income tax
expense
|
|
54
|
|
55
|
|
Equity in
earnings of affiliates
|
|
3
|
|
2
|
|
Net
income
|
|
$
16
|
|
$
36
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Reconciliation
of Segment and Adjusted EBITDA to Net Income
(Unaudited)
|
|
|
|
For the Six
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(In
millions)
|
|
June 30,
|
|
|
2024
|
|
2023
|
|
Segment
EBITDA
|
|
$
471
|
|
$
451
|
|
Corporate expense and
other items, net
|
|
(4)
|
|
(4)
|
|
Adjusted
EBITDA
|
|
467
|
|
447
|
|
Depreciation
|
|
(207)
|
|
(186)
|
|
Amortization
|
|
(11)
|
|
(11)
|
|
Non-service cost
components of pension and OPEB costs
|
|
(6)
|
|
(6)
|
|
Restructuring charges,
net
|
|
(17)
|
|
(4)
|
|
Stock compensation
expense
|
|
(14)
|
|
(14)
|
|
Strategic transaction
expenses
|
|
(4)
|
|
(2)
|
|
Distressed supplier
costs
|
|
|
|
(12)
|
|
Loss on disposal group
held for sale
|
|
(30)
|
|
|
|
Other items
|
|
(4)
|
|
2
|
|
Earnings before
interest and income taxes
|
|
174
|
|
214
|
|
Loss on extinguishment
of debt
|
|
|
|
(1)
|
|
Interest
income
|
|
6
|
|
9
|
|
Interest
expense
|
|
78
|
|
73
|
|
Earnings before
income taxes
|
|
102
|
|
149
|
|
Income tax
expense
|
|
91
|
|
85
|
|
Equity in
earnings of affiliates
|
|
5
|
|
3
|
|
Net
income
|
|
$
16
|
|
$
67
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Reconciliation
of Net Income Attributable to the Parent Company
to
|
|
|
|
Adjusted Net Income Attributable to the Parent Company
and
|
|
|
|
|
Diluted
Adjusted EPS (Unaudited)
|
|
|
|
|
|
For the Three
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
|
|
|
|
2024
|
|
2023
|
|
Net income
attributable to the parent company
|
|
$
16
|
|
$
30
|
|
Items impacting
income before income taxes:
|
|
|
|
|
|
Amortization
|
|
5
|
|
5
|
|
Restructuring
charges, net
|
|
12
|
|
3
|
|
Strategic
transaction expenses
|
|
2
|
|
1
|
|
Distressed
supplier costs
|
|
|
|
4
|
|
Loss on disposal
group held for sale
|
|
1
|
|
|
|
Other
items
|
|
|
|
1
|
|
Items impacting
income taxes:
|
|
|
|
|
|
Net income tax
expense on items above
|
|
(6)
|
|
(4)
|
|
Income tax
expense attributable to various discrete tax
matters
|
|
15
|
|
14
|
|
Adjusted net
income attributable to the parent company
|
|
$
45
|
|
$
54
|
|
|
|
|
|
|
|
Diluted shares -
as reported
|
|
145.1
|
|
144.4
|
|
Adjusted diluted
shares
|
|
145.1
|
|
144.4
|
|
|
|
|
|
|
|
Diluted
adjusted EPS
|
|
$
0.31
|
|
$
0.37
|
|
DANA
INCORPORATED
|
|
|
|
|
|
Reconciliation
of Net Income Attributable to the Parent Company
to
|
|
|
|
Adjusted Net Income Attributable to the Parent Company
and
|
|
|
|
|
Diluted
Adjusted EPS (Unaudited)
|
|
|
|
|
|
For the Six
Months Ended June 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
except per share amounts)
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
|
2024
|
|
2023
|
|
Net income
attributable to the parent company
|
|
$
19
|
|
$
58
|
|
Items impacting
income before income taxes:
|
|
|
|
|
|
Amortization
|
|
10
|
|
10
|
|
Restructuring
charges, net
|
|
17
|
|
4
|
|
Strategic
transaction expenses
|
|
4
|
|
2
|
|
Distressed
supplier costs
|
|
|
|
12
|
|
Loss on disposal
group held for sale
|
|
30
|
|
|
|
Other
items
|
|
(3)
|
|
|
|
Items impacting
income taxes:
|
|
|
|
|
|
Net income tax
expense on items above
|
|
(19)
|
|
(10)
|
|
Income tax
expense attributable to various discrete tax
matters
|
|
24
|
|
14
|
|
Adjusted net
income attributable to the parent company
|
|
$
82
|
|
$
90
|
|
|
|
|
|
|
|
Diluted shares -
as reported
|
|
144.9
|
|
144.3
|
|
Adjusted diluted
shares
|
|
144.9
|
|
144.3
|
|
|
|
|
|
|
|
Diluted
adjusted EPS
|
|
$
0.57
|
|
$
0.62
|
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SOURCE Dana Incorporated